SFE Investment Counsel raised its stake in Albemarle Co. (NYSE:ALB) by 70.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 12,099 shares of the specialty chemicals company’s stock after buying an additional 4,983 shares during the period. SFE Investment Counsel’s holdings in Albemarle were worth $852,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Creative Planning boosted its position in shares of Albemarle by 6.1% during the 2nd quarter. Creative Planning now owns 3,792 shares of the specialty chemicals company’s stock valued at $267,000 after purchasing an additional 217 shares in the last quarter. Steward Partners Investment Advisory LLC bought a new stake in shares of Albemarle during the 2nd quarter valued at about $51,000. Appleton Partners Inc. MA boosted its position in shares of Albemarle by 5.8% during the 2nd quarter. Appleton Partners Inc. MA now owns 18,471 shares of the specialty chemicals company’s stock valued at $1,301,000 after purchasing an additional 1,016 shares in the last quarter. Strs Ohio boosted its position in shares of Albemarle by 169.4% during the 2nd quarter. Strs Ohio now owns 30,262 shares of the specialty chemicals company’s stock valued at $2,130,000 after purchasing an additional 19,029 shares in the last quarter. Finally, Arizona State Retirement System boosted its position in shares of Albemarle by 14.1% during the 2nd quarter. Arizona State Retirement System now owns 52,073 shares of the specialty chemicals company’s stock valued at $3,666,000 after purchasing an additional 6,441 shares in the last quarter. Hedge funds and other institutional investors own 90.13% of the company’s stock.
Several equities research analysts recently commented on ALB shares. KeyCorp restated an “overweight” rating and set a $94.00 target price (down previously from $100.00) on shares of Albemarle in a research report on Tuesday, July 9th. Loop Capital cut their target price on Albemarle to $108.00 and set a “buy” rating on the stock in a research report on Thursday, May 16th. ValuEngine lowered Albemarle from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 2nd. Jefferies Financial Group cut their target price on Albemarle from $114.00 to $90.00 and set a “buy” rating on the stock in a research report on Monday, May 20th. They noted that the move was a valuation call. Finally, TheStreet lowered Albemarle from a “b-” rating to a “c+” rating in a research report on Monday, May 20th. Three investment analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $95.77.
Albemarle (NYSE:ALB) last announced its quarterly earnings results on Wednesday, May 8th. The specialty chemicals company reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.21 by $0.02. The business had revenue of $832.06 million for the quarter, compared to analyst estimates of $827.94 million. Albemarle had a return on equity of 15.53% and a net margin of 20.54%. The company’s quarterly revenue was up 1.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.30 earnings per share. As a group, analysts anticipate that Albemarle Co. will post 6.19 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Friday, September 13th will be issued a $0.3675 dividend. The ex-dividend date is Thursday, September 12th. This represents a $1.47 annualized dividend and a yield of 2.20%. Albemarle’s payout ratio is currently 26.82%.
In other news, SVP Deeanne J. Marlow purchased 1,000 shares of the business’s stock in a transaction on Monday, May 13th. The shares were acquired at an average price of $70.85 per share, for a total transaction of $70,850.00. Following the completion of the acquisition, the senior vice president now owns 1,000 shares in the company, valued at $70,850. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 1.02% of the stock is currently owned by corporate insiders.
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. Its Lithium segment offers lithium compounds, including lithium carbonate, lithium hydroxide, lithium chloride, and value-added lithium specialties, as well as reagents, such as butyllithium and lithium aluminum hydride for applications in lithium batteries for consumer electronics and electric vehicles, high performance greases, thermoplastic elastomers for car tires, rubber soles, plastic bottles, catalysts for chemical reactions, organic synthesis processes, life science, pharmaceutical, and other markets.
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